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Full Senate to consider the “Flood Insurance Reform and Modernization Act” in early summer.
The Big “I” commended Congress this week for passing a 60-day extension of the National Flood Insurance Program (NFIP). In what has become a regular ritual just as the current extension is about to expire, the U.S. House of Representatives passed the 60-day extension after the Senate passed it last week by unanimous consent.
The 60-day extension legislation also contains one policy provision that would remove the subsidies granted to second homes and vacation homes by the NFIP. This provision was included in order to ensure the measure gained unanimous consent in the Senate and is also a part of the long-term extension and reform bills in the House and Senate, both of which the Big “I” strongly supports.
“The Big ‘I’ commends the House and Senate for passage of this 60-day extension in order to prevent an expiration of the NFIP,” says Charles E. Symington Jr., Big “I” senior vice president for government affairs. “We urge President Obama to sign this legislation into law before the scheduled expiration tomorrow.”
In addition to the passage of this short-term extension, an agreement has been reached in the Senate for the floor consideration of S. 1940, the “Flood Insurance Reform and Modernization Act.” This legislation, which would extend the program for five years and make needed reforms, was reported by the Senate Banking Committee unanimously late last year but has not yet been considered by the full Senate. The House overwhelmingly approved similar legislation last summer.
“Congressional passage of a short-term extension was made possible by a deal reached in the Senate to finally consider S. 1940, legislation that provides a long-term extension and reform of the NFIP,” says Symington. “We urge Senate leadership to follow-through on this agreement and schedule time for consideration of this important legislation as soon as the Senate returns from its Memorial Day recess.”
National Flood Services (NFS):
IBA West with Hartford Fire Insurance Company and their servicing vendor National Flood Services (NFS) offer IBA West members a highly profitable and easy way of processing all your flood insurance through the National Flood Insurance Program (NFIP).
Hartford Fire Insurance Company is the issuing Write Your Own (WYO) Company. Since all flood business is 100% reinsured by the federal government, what sets NFS apart from other servicing vendors is their exemplary service.
In addition to offering IBA West members the highest level of service in the flood insurance industry (including toll-free telephone numbers in all locations), Hartford allows agents to process Residential, Non-Residential, Other Residential, 2-4 Family Dwellings, along with the Preferred Risk Policies (PRP). Quoting and application processing online.
For more information on the National Flood Services program, click here.
Selective Insurance Co.:
Offered exclusively for IBA West members in a joint venture with Selective Insurance Co., the Independent Insurance Agents and Brokers of America (IIABA) also provides a flood insurance program in California.
Selective Insurance Co. has been a loyal supporter of IIABA and its member agents and brokers for many years. The carrier has maintained an "A+" rating from A.M. Best consecutively since 1961 and have been a participant in the National Flood Insurance Program "Write Your Own" program since 1984.
Selective offers free rating software, online processing and inquiry, free flood zone determinations and excess flood coverage that was previously not available to Big "I" members. In addition, Selective Insurance has a state of the art processing system approved by the NFIP to make the policy issuance process quick and seamless.
For more information on the Selective Insurance Co. program, click here.